The Development of Public Saving and Giro Institutions and its Significance in German Financial Structure 1908-1935

在本研究计划中，我希望分析德国公共金融机构中储蓄银行和直接转帐机构的发展，主要是在两次世界大战之间。由此得出两个新的方面和事实：第一，储蓄银行最初是作为一个公共机构设立的，因此它经常向其所在的地方公社提供信贷，并以此保证其储蓄银行的存款。20世纪20年代初，当其业务扩展为一家全能银行时，独立的储蓄银行首先在财务上与省或州的直接转帐机构合并，然后与国家机构（德意志银行）合并。在1931年的金融危机中，他们遭受了地方政府冻结信贷的流动性，并减少了资产和存款。然而，根据1934年的《德意志联邦共和国信用社法》获得独立法人资格的储蓄和转帐机构比柏林大银行更快地从大萧条中恢复过来。其次，20年代积极的市政基础设施、设备和房屋建设投资是由储蓄银行筹集的国内存款资金通过转帐机构融资的。他们还向中小企业提供信贷，这些企业不受大银行的考虑。1933年纳粹上台后，出现了一条新的金融渠道，即从储蓄机构和直接转帐机构通过长期国债，以特别票据的方式向谨慎的工业部门提供资金。这些机构成为纳粹金融体系的重要工具之一，目的是军备。

In this rearch programme I wish to analyse the development of saving banks and giro institutions of German public financial institutions mainly in the interwar periode. As the result, I arrived at two points of new aspect and fact.First, saving bank was originally established as a public institution, therefore it gave credit often to its local commune and reversely this guaranteed the deposit of its saving bank. While its business expanded to a universal bank at the early twenties, separate saving bank was financially integrated first to the provincial or state giro institution, and then to the national institution (Deutsche Girozentrale). In the financial crisis of 1931 they suffered liquidity of its frozen credit to local governments and reduced its assetts and deposits. However, saving and giro institutions, which got the independent corporation by the law of Reichsgesetz uber das Kreditwesen in 1934, recovered from the Great Depression faster than the Berliner Big Banks.Secondary, the active municipal investment to infrastructure, facilities and house construction of the twenties were financed with domestic deposit fund collected by saving banks and financed through giro institutions. They gave credit also to the middle and small enterprises, which were not taken into account by the Big Banks. After the Nazi came into power in 1933, there appeared a new financial channel from saving and giro institutions through the long government bonds to the munitious industries with the means of special bills. These institutions became one of the important instruments for the Nazi financial system with the purpose of armament.